this post was submitted on 25 Jul 2025
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Video version: https://www.youtube.com/watch?v=V7tGZzwe4mQ

For over a hundred years, DeBeers has dominated and controlled the global diamond trade.

But today, Chinese factories are mass-producing lab-grown diamonds, which are chemically identical to natural stones, and prices are collapsing worldwide for both man-made and natural diamonds.

DeBeers sources most of their rough diamonds from mines in Botswana, and the new government there is determined to move DeBeers' value chains to Botswana itself, thereby retaining billions of dollars in industry revenues in-country.

Anglo-American is DeBeers' parent company, and they are trying to divest their holdings. But even after writing off $4.5 billion in book value in two years, no buyers can be found.

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[–] emergencyfood@sh.itjust.works 4 points 3 hours ago
[–] Etterra@discuss.online 26 points 1 day ago (1 children)

Good, fuck em. Diamonds are shiny carbon rocks with no more intrinsic value, except maybe for industrial use, if they're cheaper than synthetic.

[–] KingGimpicus@sh.itjust.works 8 points 16 hours ago (1 children)

Natural diamonds are quite shit for industrial use. Industry likes uniformity, and natural diamonds have irregularities and flaws that do not benefit them in comparison to synthetic diamonds.

[–] KitKatKitCat@piefed.social 6 points 10 hours ago* (last edited 10 hours ago) (1 children)

I think even making a distinction by calling them "synthetic" is doing them a disservice. By all accounts, they're as real as naturally formed diamonds. The quality is higher too. They are better in every way.

[–] Evotech@lemmy.world 2 points 2 hours ago* (last edited 2 hours ago)

Yeah, they are artisinal

[–] geolaw@lemmygrad.ml 12 points 1 day ago

Please China make a 4,000 carat diamond and gift it to South Africa

[–] wurzelgummidge@lemmy.ml 18 points 1 day ago (1 children)

"Eiw, how could I ever hold my head up at the ball in a lab-grown diamond tiara?" squeaked Emily Von Foiegras-Carruthers-Reed.

Diamonds have never been anything more than a scam, but they help the rich feel superior because no one else can afford more than a gravel-sized bit on a thin gold ring.

[–] bountygiver@lemmy.ml 5 points 11 hours ago* (last edited 11 hours ago)

The OG NFT

Not only is it also environmentally destructive, it also comes with a side of slavery.

[–] dessalines@lemmy.ml 58 points 1 day ago (4 children)

Can't wait for the upcoming NYT op-eds: "China is killing the diamond mining monopolies: but at what cost???"

[–] GnuLinuxDude@lemmy.ml 1 points 9 hours ago

I'm prepared for many headlines about how these diamond mines are actually providing good, if meager, livings for people who would otherwise be jobless in Botswana.

It'll be crickets about the massive exploitation, however.

[–] ShinkanTrain@lemmy.ml 50 points 1 day ago* (last edited 1 day ago) (1 children)

Just a quick search gave me some fun ones

BONUS

[–] PolandIsAStateOfMind@lemmy.ml 13 points 1 day ago* (last edited 1 day ago)

Last one sounds like way too extreme satire but knowing those ghouls priorities it's probably real.

[–] sparky@lemmy.federate.cc 16 points 1 day ago

It’s just not the same if a child slave didn’t suffer for it. Or something.

Given all the horrific history of conflict diamonds, etc, why would anyone not want a lab made stone at this point?

[–] appropriateghost@lemmy.ml 25 points 1 day ago

can someone pleaseee think of the oligarchy PLEAAAASE.

DEMOCRACY (copyrighted/trademarked) IS AT STAKE!!

[–] AlexLost@lemmy.world 37 points 1 day ago

Good. Fake "rare" gemstones are actually the most common of all gems. Take down the cartel!

[–] ShinkanTrain@lemmy.ml 30 points 1 day ago
[–] Jabril@hexbear.net 23 points 1 day ago

Anglo-American is DeBeers' parent company

As if a mining company in Africa couldn't be more cracker, they are named anglo-american

[–] Thordros@hexbear.net 20 points 1 day ago

God, I remember when this was a super-secret technology, where you had to book a plane to the (recently, at the time) former USSR to get a look at some highly experimental machines that were producing itty bitty little yellow diamonds via some bizarre anoxic chemical vapor process. I read about it in some indie magazine 25 to 30 years ago I think?

Even back then DeBeers was peeing its pants over the possibility that law-grown diamonds not only existed, but were nearly impossible to distinguish from mined diamonds by sight alone. I'm so happy to see them finally get what's been coming to them.

[–] wewbull@feddit.uk 22 points 1 day ago
[–] lostoncalantha@lemmy.world 20 points 1 day ago

Fantastic news. Hope the diamond trade crashes.

[–] Bloobish@hexbear.net 13 points 1 day ago
[–] jmankman@lemmy.myserv.one 12 points 1 day ago

I'm sure they'll be fine, after all, "diamonds are forerver", right DeBeers?

[–] TomMasz@lemmy.world 10 points 1 day ago

Bummer, dude.